CL Redux

Quote from Totalizator:

this is a battle of epic proportions... do not give up.. just when the shorts want to give up.. this is the time to sell more... the longs are thinking .. hmm this has really overdone itself...
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There's too much easy money to the long side today to ONLY sell!

Quote from startraitor:

We win so radically in our underwear before our first cup of coffee, it's scary.
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Not us! We need our at least our first 10 cups of coffee to win! We are over-caffeinated oil traders!
 
Quote from zxd:

Why are you trading the ETF if you have interactive brokers?
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First of all I am not holding this trade for months so the roll is not going to affect me, but I am short so if I do hold this into the rollovers then I am at an advantage.

I like to scale into and out of my trades.. If I had been scaling into this oil short trade with the mini crude or the full WTI crude then I would be down like ten grand right now. I use the etf because it allows me to scale into and out of positions much easier than CL.

I see most people tading 1 -2 lots in crude and it is all or none on each trade..

It sucks that you have to have 25 K min to open a day trading account. This is BS. it forces most people to trade futures first when they are undercapitalized. This typically leads to ruin. They lose and lsoe and give up. I am actually in way over my head on this oil trade.. but man when it falls.. it is really gonna fall...the question is when
 
I was closed out the QID (QID is a way to short the NASDAQ by going long QID) calls that I bought yesterday for a profit. I still have my previous hedged position of QID verticals. This is also the 1st week in awhile that I made 5 days in a row positive profit trading futures, with only 2 mistakes of holding a losing trade longer than I should have. For next week, hoping to not make any mistakes.

Both of these mistakes were getting angry when I am up 10 ticks and letting it turn into a losing trade, and not wanting to kill the trade. Don't know if I should just leave my normal stop or try to set these trades to BE like NoDoji sometimes does.

Quote from oraclewizard77:

Maybe I was lucky or I made my own luck. I was wrongly thinking that we were pulling back on a overall short trend created by peace talks.

When I saw resistance begin to build I shorted, and got 25 ticks, but only ended up $ 187 for the day due to some previous stop outs.

I then saw CL shoot back up all the way to the top, meaning and fib lines that I did not draw would have been violated.

I kept expecting news like Israel attacked Iran, but saw no news for the spike, so I now think we had a real reversal from the bottom and it would have been easier to go long on the pullbacks. The good news with CL is that it has some monster pullbacks so really if you get good at trading, you can make money by having a short or a long bias as long as you get in on the right price.

I added to my QID calls thinking that oil is a drag on the economy, but will look for future days to confirm a possible top, or expect me to kill the trade so manage it yourself if you are piggy backing.
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For any of us, when we're on the wrong side of a trade, all the pleading, begging, pumping, rationalizing, explaining, etc. does no good at all. The market isn't listening to any of us individually. Doesn't care at all what we think or what we want.
 
Quote from oraclewizard77:

I was closed out the QID calls that I bought yesterday for a profit. I still have my previous hedged position of QID verticals. This is also the 1st week in awhile that I made 5 days in a row positive profit trading futures, with only 2 mistakes of holding a losing trade longer than I should have. For next week, hoping to not make any mistakes.
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If you limit the losses on your mistakes, that works well. Glad you did so well this week. :) WTG :)
 
Thanks, I almost did not trade today since I did not want to take a loss, and was about to shoot myself after a winning CL trade was turning into a big losing trade till I killed it for a small loss.

Quote from BCE:

If you limit the losses on your mistakes, that works well. Glad you did so well this week. :) WTG :)
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